The cryptocurrency industry often finds itself at odds with bankers over regulatory matters, and this time, a coalition of banking associations has requested that the US Department of the Treasury extend the public consultation period for the implementation of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. In a letter to the Treasury Department and the Federal Deposit Insurance Corporation, the bankers are seeking extended comment periods of at least 60 days after the Office of the Comptroller of the Currency (OCC) completes its rulemaking process. The OCC's efforts to establish a framework for overseeing stablecoin issuers have significant implications for other regulatory proposals being pursued by the Treasury's Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN), as well as a related rulemaking by the FDIC.
The banking organizations argue that all these efforts are contingent upon the OCC's final framework and represent a complex and extensive body of regulatory work. They claim that having sufficient time to evaluate the proposed rules together and against the finalized OCC framework will enable them to provide more comprehensive and useful comments to the agencies. The GENIUS Act is slated to come into effect by 2027, although it is not uncommon for federal agencies to grant extensions for complex rulemaking processes.
The same bankers are also engaged in a debate with the crypto industry over the Digital Asset Market Clarity Act, which has been delayed for months and may not become law this year.